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The QC, Vol. 80, No. 03 • September 23, 1993

1993_09_23_001

.
QUAKER CAMPUS
Volume LXXX. Number 3 V J Sf>nte>mlw93 1005
Volume LXXX, Number 3
September 23,1993
Whittier Colleges
Administrators
Do you know the people in
power at Whittier College?
Use this guide to learn
more about the people in
charge.
Pg6
yiEWPOINT
FEATURES
INSIDE
THE
NEWS
Alumni Speak Out
Whittier College Alumni
discuss prospects in the job
graduation.
Pg.3
'El Grito" Celebration
Uptown Whittier becomes
a hub of activity as
Mexican Independence Day
("El Grito") is celebrated.
Pg.8
A&E
Is Graffiti Art?
QC Staff Writer Andrew
Barry explores the origins
and effects of this
"artform."
Pg.ll
SPORTS
Senior Profile of Deana
Shively
For senior Deana Shively,
her last volleyball season
at Whittier will be a
memorable one.
Pg.14
Bond Refinanced, Will Save
College $385,000
by Betsy Briggs
QC News Editor
In December of 1989, Whittier College borrowed $18.9 million in bonds. These funds were
mainly used to build the Faculty
Masters' Homes and Turner
Hall. The remaining money
was used to make needed repairs on campus.
The school decided to separate these accounts. $10 million
had a fixed rate of interest for
ten years and the other $8.9
million had a low interest rate.
The reasoning for the two
separate accounts was to create
a borrowing vehicle, which
means that the school could return the money if the projects
were not approved. "This provided some flexibility to get out
President for Business and Finance.
In the summer of 1991, all
the bonds were converted to a
fixed rate of interest because
projects, such as Turner, had
been approved.
Four years ago when the
money was first borrowed, Whittier did not qualify for the loan
insurance. Now, the financial
position of the college has
strengthened and Whittier is
able to purchase bond insurance
from an agency called Connie
From Debt to Dollars
In 1989 the College borrowed $18.9 million. Last week the
school borrowed $22 million at low interest rates (due to low
interest rates, but also due to the school's increasing financial
security allowing the bonds to be insured) and put the $22
million in an escrow account.
This money will pay off the bonds
when they mature in 1999, saving the
school from paying the $400,000
interest
$22 Million
Bond
$18.9 Million
Bond
%a
*$> «*>
Turner Hall and
Other Improvements
In 1999 the school
may buy the bonds
back using the $22
million from the
escrow account.
$400,000
Alexander Mackie/QC Advertising Manager and Desiree Revoir/ QC Graphics Editor
Lee. Connie Lee has a triple A
has the lowest available interest ratings, but it is still 7 1/2%.
Whittier has been watching the interest rates for the
last eighteen months. And ever
since the Board of Trustees
meeting in May of 1993, Whittier has looked hard at the option to refinance. The interest
is the lowest it has been in
awhile and Hewitt seems to
think that it is going back up.
Whittier, hopefully, captured
the absolute lowest percentage
rate.
Last Friday afternoon, the
borrowed in 1989 with another
$22 million. This money is going into an escrow account, a 20
year-term savings account to
gain interest.
Hewitt explains the actions
by saying, "We simply refinanced existing debt." Whittier took advantage of the low
interest rates and reduced the
interest costs from 71/2% to 51)
4%. This is a savings of almost
$400,000, which increases the
operating budget ofthe college.
In 1989, much ofthe money
was spent on improving things
residence halls was 20-2&years
bid, the window coverings were
bad and the heating systems in
Stauffer did not work. 'The first
thing we did was fix a lot of that
stuff," Hewitt said. Part of the
money was spent on new construction and the rest on fixing
things that had been put off for
awhile. "We made an intentional effort to balance out the
two," says Hewitt.
No w Whittier needs to main-
Please see REFINANCING
Pg-5
More Students Qualify
For Financial Aid
Under New Law
by Marce D. Scarbrough
QC Senior Staff Writer
More Whittier College
students were eligible for
financial aid this year. That is
the word coming out of the
Student Financing Office.
According to Jan Gerber,
Associate Director of Student
Financing, students have had
some surprises due mostly to
the changes in federal law
governing financial aid.
According to numbers
supplied by Kathy Street,
Director of Student Financing, a
total of 1324 student
applications for financial aid
were processed this year, as
opposed to 1057 forthe previous
year. The difference is due to an
increase in enrollment, but also
reflects the fact that more
students are eligible for financial
aid.
This change in the law
prompted new methods for filing
for financial aid. For example,
in prior years students needed
to fill out only one form to receive
aid. Under the new law they
were required to fill out t»vo.
Likewise, in prior years
corrections in the forms could
be made with the college. This
year they had to be made with
the company processing the
application.
This year also marked the
first time in recent years that
the college ran out of Whittier
grant money for incoming
freshmen in June. According to
Gerber, students who filed after
that date were made eligible
for federal and state aid, but
not for institutional funds.
That fact is significant in
that it is an important step to
achieve a lower discount rate in
tuition. The discount rate is
the amount of tuition dollars
the college gives back to
students in the form of grants
and other Whittier College aid.
In recent years, a number of
faculty and administration
members have expressed their
belief that the discount rate wais
too high. Last year President
Ash stated that lowering the
discount rate was a priority for
the school.
One pleasant surprise for
many students is an increase
Please see AID pg. 5
Theft: Off-Campus
Students Targeted
by Brian Brown
QC News Editor
Off-campus students are
more and more becoming the
targets of theft in Whittier
according to recent reports
released by the Whittier
Police Department. Students
are seeing a rise in off-
campus "garage thefts"
resulting in the loss of
bicycles, radios, and even
cars.
The most recent
Neighborhood Watch report
shows a dramatic increase
from the summer months to
the school months in theft
reports. Area F (made up by
the College and its
surroundings) showed an
increase from six thefts in
July to eleven in August.
Because most students
return to their apartments
or homes during this August
many see the rise in thefts as
directly related to the new
students takingup residence
in the area surrounding the
college areas. Said Whittier
Police Officer Chuck Drylie,
"Many times students
become the targets of
recurring theft."
This trend seems to be
continuing into September
with two off-campus thefts
reported as of Sept. 12.
The first occurred on the
night of Sept. 5. Seniors Giff
Gimmelright and Kevin
Dugal had their garage
broken into resulting in the
loss of a bicycle and a car
stereo. Both items have not
yet been recovered.
This incident was followed
by the Sept. lOtheftof Junior
Dee Hochstetler's 1982
Volkswagen Cabriolet. The
incident occurred in the same
manner as the previous theft
with the suspects breaking
into the garage during the
night and making off with
the vehicle.
Unlike* Gimmelright's
bicycle and Dugal's stereo
Hochstetler's vehicle was
located. The vehicle was
found in Compton
approximately one week
later on Saturday the 18th.
However, the stereo was
missing from the Cabriolet.
Both parties believe that
Please see THEFT pg. 4
' **A»**4*A-A'«'*'AT*'V*«

.
QUAKER CAMPUS
Volume LXXX. Number 3 V J Sf>nte>mlw93 1005
Volume LXXX, Number 3
September 23,1993
Whittier Colleges
Administrators
Do you know the people in
power at Whittier College?
Use this guide to learn
more about the people in
charge.
Pg6
yiEWPOINT
FEATURES
INSIDE
THE
NEWS
Alumni Speak Out
Whittier College Alumni
discuss prospects in the job
graduation.
Pg.3
'El Grito" Celebration
Uptown Whittier becomes
a hub of activity as
Mexican Independence Day
("El Grito") is celebrated.
Pg.8
A&E
Is Graffiti Art?
QC Staff Writer Andrew
Barry explores the origins
and effects of this
"artform."
Pg.ll
SPORTS
Senior Profile of Deana
Shively
For senior Deana Shively,
her last volleyball season
at Whittier will be a
memorable one.
Pg.14
Bond Refinanced, Will Save
College $385,000
by Betsy Briggs
QC News Editor
In December of 1989, Whittier College borrowed $18.9 million in bonds. These funds were
mainly used to build the Faculty
Masters' Homes and Turner
Hall. The remaining money
was used to make needed repairs on campus.
The school decided to separate these accounts. $10 million
had a fixed rate of interest for
ten years and the other $8.9
million had a low interest rate.
The reasoning for the two
separate accounts was to create
a borrowing vehicle, which
means that the school could return the money if the projects
were not approved. "This provided some flexibility to get out
President for Business and Finance.
In the summer of 1991, all
the bonds were converted to a
fixed rate of interest because
projects, such as Turner, had
been approved.
Four years ago when the
money was first borrowed, Whittier did not qualify for the loan
insurance. Now, the financial
position of the college has
strengthened and Whittier is
able to purchase bond insurance
from an agency called Connie
From Debt to Dollars
In 1989 the College borrowed $18.9 million. Last week the
school borrowed $22 million at low interest rates (due to low
interest rates, but also due to the school's increasing financial
security allowing the bonds to be insured) and put the $22
million in an escrow account.
This money will pay off the bonds
when they mature in 1999, saving the
school from paying the $400,000
interest
$22 Million
Bond
$18.9 Million
Bond
%a
*$> «*>
Turner Hall and
Other Improvements
In 1999 the school
may buy the bonds
back using the $22
million from the
escrow account.
$400,000
Alexander Mackie/QC Advertising Manager and Desiree Revoir/ QC Graphics Editor
Lee. Connie Lee has a triple A
has the lowest available interest ratings, but it is still 7 1/2%.
Whittier has been watching the interest rates for the
last eighteen months. And ever
since the Board of Trustees
meeting in May of 1993, Whittier has looked hard at the option to refinance. The interest
is the lowest it has been in
awhile and Hewitt seems to
think that it is going back up.
Whittier, hopefully, captured
the absolute lowest percentage
rate.
Last Friday afternoon, the
borrowed in 1989 with another
$22 million. This money is going into an escrow account, a 20
year-term savings account to
gain interest.
Hewitt explains the actions
by saying, "We simply refinanced existing debt." Whittier took advantage of the low
interest rates and reduced the
interest costs from 71/2% to 51)
4%. This is a savings of almost
$400,000, which increases the
operating budget ofthe college.
In 1989, much ofthe money
was spent on improving things
residence halls was 20-2&years
bid, the window coverings were
bad and the heating systems in
Stauffer did not work. 'The first
thing we did was fix a lot of that
stuff," Hewitt said. Part of the
money was spent on new construction and the rest on fixing
things that had been put off for
awhile. "We made an intentional effort to balance out the
two," says Hewitt.
No w Whittier needs to main-
Please see REFINANCING
Pg-5
More Students Qualify
For Financial Aid
Under New Law
by Marce D. Scarbrough
QC Senior Staff Writer
More Whittier College
students were eligible for
financial aid this year. That is
the word coming out of the
Student Financing Office.
According to Jan Gerber,
Associate Director of Student
Financing, students have had
some surprises due mostly to
the changes in federal law
governing financial aid.
According to numbers
supplied by Kathy Street,
Director of Student Financing, a
total of 1324 student
applications for financial aid
were processed this year, as
opposed to 1057 forthe previous
year. The difference is due to an
increase in enrollment, but also
reflects the fact that more
students are eligible for financial
aid.
This change in the law
prompted new methods for filing
for financial aid. For example,
in prior years students needed
to fill out only one form to receive
aid. Under the new law they
were required to fill out t»vo.
Likewise, in prior years
corrections in the forms could
be made with the college. This
year they had to be made with
the company processing the
application.
This year also marked the
first time in recent years that
the college ran out of Whittier
grant money for incoming
freshmen in June. According to
Gerber, students who filed after
that date were made eligible
for federal and state aid, but
not for institutional funds.
That fact is significant in
that it is an important step to
achieve a lower discount rate in
tuition. The discount rate is
the amount of tuition dollars
the college gives back to
students in the form of grants
and other Whittier College aid.
In recent years, a number of
faculty and administration
members have expressed their
belief that the discount rate wais
too high. Last year President
Ash stated that lowering the
discount rate was a priority for
the school.
One pleasant surprise for
many students is an increase
Please see AID pg. 5
Theft: Off-Campus
Students Targeted
by Brian Brown
QC News Editor
Off-campus students are
more and more becoming the
targets of theft in Whittier
according to recent reports
released by the Whittier
Police Department. Students
are seeing a rise in off-
campus "garage thefts"
resulting in the loss of
bicycles, radios, and even
cars.
The most recent
Neighborhood Watch report
shows a dramatic increase
from the summer months to
the school months in theft
reports. Area F (made up by
the College and its
surroundings) showed an
increase from six thefts in
July to eleven in August.
Because most students
return to their apartments
or homes during this August
many see the rise in thefts as
directly related to the new
students takingup residence
in the area surrounding the
college areas. Said Whittier
Police Officer Chuck Drylie,
"Many times students
become the targets of
recurring theft."
This trend seems to be
continuing into September
with two off-campus thefts
reported as of Sept. 12.
The first occurred on the
night of Sept. 5. Seniors Giff
Gimmelright and Kevin
Dugal had their garage
broken into resulting in the
loss of a bicycle and a car
stereo. Both items have not
yet been recovered.
This incident was followed
by the Sept. lOtheftof Junior
Dee Hochstetler's 1982
Volkswagen Cabriolet. The
incident occurred in the same
manner as the previous theft
with the suspects breaking
into the garage during the
night and making off with
the vehicle.
Unlike* Gimmelright's
bicycle and Dugal's stereo
Hochstetler's vehicle was
located. The vehicle was
found in Compton
approximately one week
later on Saturday the 18th.
However, the stereo was
missing from the Cabriolet.
Both parties believe that
Please see THEFT pg. 4
' **A»**4*A-A'«'*'AT*'V*«